Synopsys (NASDAQ:SNPS) Upgraded to Buy at Rosenblatt Securities

Synopsys (NASDAQ:SNPS) was upgraded by investment analysts at Rosenblatt Securities from a “neutral” rating to a “buy” rating in a research note issued to investors on Tuesday, Marketbeat reports. The firm currently has a $560.00 price objective on the semiconductor company’s stock, down from their previous price objective of $605.00. Rosenblatt Securities’ target price indicates a potential upside of 20.24% from the stock’s current price.

A number of other analysts have also weighed in on SNPS. BNP Paribas started coverage on shares of Synopsys in a report on Thursday, October 2nd. They issued an “underperform” rating and a $425.00 price target for the company. The Goldman Sachs Group decreased their price objective on Synopsys from $700.00 to $600.00 and set a “buy” rating on the stock in a research report on Wednesday, September 10th. Piper Sandler dropped their target price on Synopsys from $660.00 to $630.00 and set an “overweight” rating for the company in a research report on Wednesday, September 10th. Bank of America upgraded Synopsys from an “underperform” rating to a “neutral” rating and decreased their price target for the company from $525.00 to $500.00 in a report on Monday. Finally, Wall Street Zen cut Synopsys from a “hold” rating to a “sell” rating in a report on Saturday, September 13th. Eleven equities research analysts have rated the stock with a Buy rating, six have given a Hold rating and one has assigned a Sell rating to the company’s stock. According to MarketBeat.com, Synopsys has a consensus rating of “Moderate Buy” and an average price target of $550.67.

Synopsys Stock Performance

Synopsys stock opened at $465.75 on Tuesday. The stock has a 50-day simple moving average of $436.72 and a 200 day simple moving average of $505.11. The stock has a market capitalization of $86.51 billion, a price-to-earnings ratio of 36.56, a P/E/G ratio of 5.35 and a beta of 1.16. The company has a quick ratio of 1.51, a current ratio of 1.62 and a debt-to-equity ratio of 0.52. Synopsys has a 12-month low of $365.74 and a 12-month high of $651.73.

Synopsys (NASDAQ:SNPS) last posted its quarterly earnings data on Tuesday, September 9th. The semiconductor company reported $2.30 earnings per share for the quarter, missing the consensus estimate of $3.75 by ($1.45). Synopsys had a net margin of 31.04% and a return on equity of 10.82%. The company had revenue of $1.74 billion during the quarter, compared to analyst estimates of $1.77 billion. During the same quarter in the previous year, the business posted $3.43 EPS. The company’s revenue was up 14.0% compared to the same quarter last year. On average, research analysts anticipate that Synopsys will post 10.64 earnings per share for the current fiscal year.

Insider Activity

In related news, Director Robert G. Painter purchased 350 shares of the stock in a transaction dated Thursday, September 11th. The stock was bought at an average cost of $425.44 per share, with a total value of $148,904.00. Following the purchase, the director directly owned 2,291 shares in the company, valued at $974,683.04. The trade was a 18.03% increase in their position. The purchase was disclosed in a document filed with the SEC, which is available at this link. Also, CAO Sudhindra Kankanwadi sold 9,873 shares of Synopsys stock in a transaction that occurred on Monday, September 22nd. The stock was sold at an average price of $500.90, for a total transaction of $4,945,385.70. Following the transaction, the chief accounting officer directly owned 20,520 shares in the company, valued at $10,278,468. The trade was a 32.48% decrease in their position. The disclosure for this sale is available in the SEC filing. Corporate insiders own 0.62% of the company’s stock.

Institutional Investors Weigh In On Synopsys

Hedge funds have recently bought and sold shares of the company. Symphony Financial Ltd. Co. grew its stake in Synopsys by 4,780.9% in the second quarter. Symphony Financial Ltd. Co. now owns 40,219 shares of the semiconductor company’s stock valued at $20,638,000 after acquiring an additional 39,395 shares during the period. HBW Advisory Services LLC increased its stake in Synopsys by 494.9% during the 2nd quarter. HBW Advisory Services LLC now owns 3,611 shares of the semiconductor company’s stock worth $1,851,000 after purchasing an additional 3,004 shares in the last quarter. Bank of New York Mellon Corp raised its holdings in Synopsys by 0.4% during the 2nd quarter. Bank of New York Mellon Corp now owns 1,347,887 shares of the semiconductor company’s stock worth $691,035,000 after buying an additional 4,815 shares during the period. Westbourne Investments Inc. acquired a new stake in Synopsys during the 2nd quarter worth approximately $1,505,000. Finally, Mirae Asset Global Investments Co. Ltd. lifted its stake in Synopsys by 1.7% in the second quarter. Mirae Asset Global Investments Co. Ltd. now owns 178,786 shares of the semiconductor company’s stock valued at $91,660,000 after buying an additional 2,991 shares in the last quarter. 85.47% of the stock is currently owned by institutional investors and hedge funds.

About Synopsys

Synopsys, Inc provides electronic design automation software products used to design and test integrated circuits. It operates in three segments: Design Automation, Design IP, and Software Integrity. The company offers Digital and Custom IC Design solution that provides digital design implementation solutions; Verification solution that offers virtual prototyping, static and formal verification, simulation, emulation, field programmable gate array (FPGA)-based prototyping, and debug solutions; and FPGA design products that are programmed to perform specific functions.